Sunday, February 28, 2010

Sunset Park 90405 sales Sep-Feb

Catching up with six months of Santa Monica sales records, this post will begin with Sunset Park sales from September 2009 to February 2010. (I'll save everyone's favorite - 90402 - for last.) They're in order of final listing price, broken at $1 million. Decreases over 10% and listing dates before 2009 are colored red; but you see that most sellers priced more reasonably and sold in not too long.

I'll highlight the 2 bed / 1 bath 940 SF house on a 6,000 SF lot at 2405 29th St. as the lowest-priced not-awful condition or location house sold in Sunset Park. Listed 10/15/09 for $849K, reduced twice to $759K, and sold 2/25/10 for $680K, it's a tiny house on a 40-foot lot, but under $700K.

"PRICE REDUCED $90,000! A SANTA MONICA TRADITIONAL PERFECT FOR THE FIRST TIME HOME BUYER WITH PLENTY OF ROOM TO GROW! SITUATED IN THE GRANT ELEMENTARY SCHOOL DISTRICT. CLOSE TO ALL THE SHOPS, CAFES AND RESTAURANTS."

4 comments:

Anonymous
said...

2405 29th St. Listed 10/15/09 for $849K, reduced twice to $759K, and sold 2/25/10 for $680K, it's a tiny house on a 40-foot lot, but under $700K.

Good sign for starters getting under $700k, albeit a tiny lot (but not next to the freeway like houses on Urban, Kansas, and Virgina. Sets up a nice dynamic circa late 90's - buy a small starter house in 90405 or a 2 bedroom condo in 90403?

It is a tiny house, and it is a *narrow* lot, but the lot is 150 feet deep, for a total of 6000 square feet. That lot, in that location, with a house that could probably be made livable by a motivated diy-er for about 20k seems like a pretty good deal to me.

Contrast that with 2454 Euclid, asking 750k (reduced from 800k). That house has at least 40k in damage to the foundation left over from the '94 quake (per the realtor), and the kitchen in particular is a complete disaster. In my opinion, this house is in bad enough shape that tearing it down would be the best financial option even if you liked the size/floorplan/etc.. (Alternatively, you could just wait for the next quake to presumably level it for you).

So if 680k is the price for a 6000 ft. lot with a somewhat livable house, what will an unlivable house on a 6750 ft. lot go for? Not the 750k they're asking, I'm sure, but could it go as low as 600k?

Euclid, at the crest of Sunset Park just 13 blocks from the ocean, is a fine street. If price goes to $600K for sloping floor 2454 Euclid, I'd say we're finally getting somewhere. These things can be fixed.

Used to live down the block from the 29th house - such a nice old lady lived there. First the rental value not more than 3000/mo and second fixing up decently even with some DIY inevitably more like 50k than 20k from experience. Definitely not gonna get excited at 680k - maybe if closer to the beach - we have lived both at euclid and 10th since which is much better in a lot of ways...